Head of Research, Krungthai XSpring

Waraporn Wiboonkanarak

Head of Research

A full service Thai brokerage

Krungthai XSpring

Krungthai XSpring is a full service broker. The company provides a wide range of investment services such as Securities Brokerage, Derivative Agent Business, Securities Borrowing and Lending, Securities Trading, Underwriting, Financial Advisory, Wealth Advisory, Private Fund Management and International Markets Securities Trading. 

In terms of credibility, Fitch Ratings has assigned Krunghtai XSpring a long-term rating of AA- and a national short-term rating of F1+ with stable outlook.

Thematic (Sector/Industry)

<ul><li>Technically, the SET Index is expected to move up, with the resistance at 1,405/1,416 points and the support at 1,395/1,390 points (75-day EMA).</li><li>As for the overall picture, there is a positive signal after the index broke out from the resistance of the downchannel trend at 1,330-1,395 points on higher volume.</li><li>This should support upward movement to test the previous resistance at 1,416 and 1,435 points, respectively.</li></ul>

Technically, the SET Index is expected to move up, with the resistance at 1,405/1,416 points and the support at 1,395/1,390 points (75-day EMA).As for the overall picture, there is a positive signal after the index broke out from the resistance of the downchannel trend at 1,330-1,395 points on higher volume.This should support upward movement to test the previous resistance at 1,416 and 1,435 points, respectively.

<ul><li>Technically, the SET Index is expected to move sideways up to the resistance at 1,395 points (75-day EMA)/1,400 points, with the support at 1,378/1,373 points.</li><li>The index may be positively impacted by the BoJ potentially signaling an end to its negative policy interest rate.</li><li>However, the potential index gain is expected to be limited as investors are waiting for the FOMC meeting result tomorrow. </li></ul>

Technically, the SET Index is expected to move sideways up to the resistance at 1,395 points (75-day EMA)/1,400 points, with the support at 1,378/1,373 points.The index may be positively impacted by the BoJ potentially signaling an end to its negative policy interest rate.However, the potential index gain is expected to be limited as investors are waiting for the FOMC meeting result tomorrow. 

<ul><li>Technically, the SET Index is expected to move sideways up, with the resistance at 1,395 points (50-day EMA)/1,400 points and the support at 1,380/1,372 points.</li><li>The index may rebound to 1,416/1,438 points again after it was able to reverse and breach the resistance at 1,390 points, forming a higher high and higher low pattern.</li><li>There is risk of the index returning to a downward direction again if it closes below the key support at 1,380 points.</li></ul>

Technically, the SET Index is expected to move sideways up, with the resistance at 1,395 points (50-day EMA)/1,400 points and the support at 1,380/1,372 points.The index may rebound to 1,416/1,438 points again after it was able to reverse and breach the resistance at 1,390 points, forming a higher high and higher low pattern.There is risk of the index returning to a downward direction again if it closes below the key support at 1,380 points.

Wait for Thailand’s 4Q23 GDP (Monday Morning) And U. Of Michigan Survey in US Tonight

<ul><li>Technically, the SET Index is expected to move down, with the support at 1,386 points (10-day EMA)/1,379 points and the resistance at 1,396 points (50-day EMA)/1,400 points.</li><li>Over the past three days, the index has formed a new round of higher highs and higher lows.</li><li>If it continues this pattern and establishes a high point above 1,403 points, it may test the resistance level of 1,416/1,436 points; conversely, a downward trend signal would emerge if the index falls below 1,388/1,380 points.</li></ul>

Technically, the SET Index is expected to move down, with the support at 1,386 points (10-day EMA)/1,379 points and the resistance at 1,396 points (50-day EMA)/1,400 points.Over the past three days, the index has formed a new round of higher highs and higher lows.If it continues this pattern and establishes a high point above 1,403 points, it may test the resistance level of 1,416/1,436 points; conversely, a downward trend signal would emerge if the index falls below 1,388/1,380 points.

KTX Zoom - Keep a Close Watch on EU 4Q23 GDP - Feb 14, 2024

<ul><li>Greater clarity after the general election should ease worries over a possible coup and a delay in the formation of a coalition government, which we expect to consist of three parties, i.e., the Pheu Thai Party, the Palang Pracharath Party and the Bhumjaithai Party, in our base-case scenario; this would reduce the risk premium of the SET Index, pushing it up to our target of 1,607 points.</li><li>Historical data from the five most recent elections shows that the SET increased by an average of +3.47% in the month after they were held; and in the week before and after the general elections took place, the index rose by 1.87% and 3.81%, respectively.</li><li>The biggest gainers were the finance, property development and ICT sectors. We thus recommend speculating on SIRI, SC, SCB, KBANK, CPALL, INTUCH, ADVANC and MINT.</li></ul>

Greater clarity after the general election should ease worries over a possible coup and a delay in the formation of a coalition government, which we expect to consist of three parties, i.e., the Pheu Thai Party, the Palang Pracharath Party and the Bhumjaithai Party, in our base-case scenario; this would reduce the risk premium of the SET Index, pushing it up to our target of 1,607 points.Historical data from the five most recent elections shows that the SET increased by an average of +3.47% in the month after they were held; and in the week before and after the general elections took place, the index rose by 1.87% and 3.81%, respectively.The biggest gainers were the finance, property development and ICT sectors. We thus recommend speculating on SIRI, SC, SCB, KBANK, CPALL, INTUCH, ADVANC and MINT.

Special Report: Election Rally (History to Repeat Itself)

Thailand

The Bangkok SET Index is a capitalization-weighted index of stocks traded on the Stock Exchange of Thailand. The index was developed with a base value of 100 as of April 30, 1975. 

Thailand SET Index (SET INDEX)

KTX Zoom - APRIL 10, 2024

Technically, the SET Index is expected to move up, with the resistance at 1,405/1,416 points and the support at 1,395/1,390 points (75-day EMA).

Krungthai XSpring

KTX Zoom - MARCH 19, 2024

Technically, the SET Index is expected to move sideways up to the resistance at 1,395 points (75-day EMA)/1,400 points, with the support at 1,378...

Krungthai XSpring

Wait for Thailand’s 4Q23 GDP (Monday Morning) And U. Of Michigan Survey in US Tonight

Technically, the SET Index is expected to move sideways up, with the resistance at 1,395 points (50-day EMA)/1,400 points and the support at 1,380...

Krungthai XSpring

KTX Zoom - Keep a Close Watch on EU 4Q23 GDP - Feb 14, 2024

Technically, the SET Index is expected to move down, with the support at 1,386 points (10-day EMA)/1,379 points and the resistance at 1,396 points...

Krungthai XSpring

Special Report: Election Rally (History to Repeat Itself)

The biggest gainers were the finance, property development and ICT sectors. We thus recommend speculating on SIRI, SC, SCB, KBANK, CPALL, INTUCH,...

Krungthai XSpring